
*libname TP_Data "The location of the data folder\TP_Pseudo";



*** Table 7 ***;


* Model 1 *;

Proc glm data=TP_Data.Table_7_model_1;
absorb Analyst_year_Dummy;
class YM_dummy Ind_Dummy;
model dgtw_adj_ret= 	TP Investment_Bank_Affiliation TP*Investment_Bank_Affiliation  Size BM Institutional_holding Turnover Dispersion Past_12m_return Analyst_Coverage fexp Relative_EPS_optimism  drop_cov Top10_Broker  Broker_Ind_spec
						YM_dummy Ind_Dummy/ solution;
run;
quit;

* Model 2 *;

Proc glm data=TP_Data.Table_7_model_2_to_8; 
absorb Ind_year_Dummy;
class YM_dummy;
model dgtw_adj_ret=		TP Investment_Bank_Affiliation TP*Investment_Bank_Affiliation SB Size BM Institutional_holding Turnover Dispersion Past_12m_return Analyst_Coverage fexp gexp Portsize Portfolio_complexity Relative_EPS_optimism All_star drop_cov Top10_Broker Broker_Ind_spec
						YM_dummy / solution;
run;
quit;

* Model 3 *;

Proc glm data=TP_Data.Table_7_model_2_to_8; 
absorb Ind_year_Dummy;
class YM_dummy;
model dgtw_adj_ret=		TP Relative_EPS_optimism TP*Relative_EPS_optimism SB Size BM Institutional_holding Turnover Dispersion Past_12m_return Analyst_Coverage fexp gexp Portsize Portfolio_complexity  All_star drop_cov Top10_Broker Investment_Bank_Affiliation Broker_Ind_spec
						YM_dummy / solution;
run;
quit;

* Model 4 *;

Proc glm data=TP_Data.Table_7_model_2_to_8; 
absorb Ind_year_Dummy;
class YM_dummy;
model dgtw_adj_ret=		TP Target_Price_Implied_Return TP*Target_Price_Implied_Return SB Size BM Institutional_holding Turnover Dispersion Past_12m_return Analyst_Coverage fexp gexp Portsize Portfolio_complexity Relative_EPS_optimism All_star drop_cov Top10_Broker Investment_Bank_Affiliation Broker_Ind_spec
						YM_dummy / solution;
run;
quit;

* Model 5 *;

Proc glm data=TP_Data.Table_7_model_2_to_8; 
absorb Ind_year_Dummy;
class YM_dummy;
model dgtw_adj_ret=		TP all_star TP*all_star SB Size BM Institutional_holding Turnover Dispersion Past_12m_return Analyst_Coverage fexp gexp Portsize Portfolio_complexity Relative_EPS_optimism drop_cov Top10_Broker Investment_Bank_Affiliation Broker_Ind_spec
						YM_dummy / solution;
run;
quit;

* Model 6 *;

Proc glm data=TP_Data.Table_7_model_2_to_8; 
absorb Ind_year_Dummy;
class YM_dummy;
model dgtw_adj_ret=		TP high_gexp TP*high_gexp SB Size BM Institutional_holding Turnover Dispersion Past_12m_return Analyst_Coverage fexp gexp Portsize Portfolio_complexity Relative_EPS_optimism All_star drop_cov Top10_Broker Investment_Bank_Affiliation Broker_Ind_spec
						YM_dummy / solution;
run;
quit;

* Model 7 *;

Proc glm data=TP_Data.Table_7_model_2_to_8; 
absorb Ind_year_Dummy;
class YM_dummy;
model dgtw_adj_ret=		TP high_fexp TP*high_fexp SB Size BM Institutional_holding Turnover Dispersion Past_12m_return Analyst_Coverage fexp gexp Portsize Portfolio_complexity Relative_EPS_optimism All_star drop_cov Top10_Broker Investment_Bank_Affiliation Broker_Ind_spec
						YM_dummy / solution;
run;
quit;


* Model 8 *;

Proc glm data=TP_Data.Table_7_model_2_to_8; 
absorb Ind_year_Dummy;
class YM_dummy;
model dgtw_adj_ret=		TP Top10_Broker TP*Top10_Broker SB Size BM Institutional_holding Turnover Dispersion Past_12m_return Analyst_Coverage fexp gexp Portsize Portfolio_complexity Relative_EPS_optimism All_star drop_cov  Investment_Bank_Affiliation Broker_Ind_spec
						YM_dummy / solution;
run;
quit;
